While turnover rose by 5.4% to £523.3m in the 12 months to 30 September, the business reported pre-tax profit down £1.4m to £19.8m and a pre-tax operating loss of £38.6m. Much of the hit to operating profit was attributed in its accounts to goodwill impairment.
In September 2017, the company announced a US expansion drive through a partnership with frozen fish supplier The Fishin’ Company. The move included the launch of seven new products on to the US market across two retailers. Young’s formally entered the market in January, securing national distribution at Walmart, Sam’s Club and several grocery chains operated by Netherlands-based Ahold Delhaize.
Young’s said it planned to build on this by increasing distribution into Safeway Northern California and Jewel-Osco through a further partnership with Albertson Safeway group. This would add 1,300 points of distribution for Young’s fish dishes in the US, the company added. It foresaw further export growth.
“Our brand remains the clear number one in both chilled and frozen market products, across multiple channels and temperature formats,” said chief executive officer Bill Showalter. “Contract wins and the growth of our market-leading brand contributed to our annual turnover growth.
“In addition to share growth, we made positive progress in the foodservice channel, following our contract win with a major fast food retail company. Our exports programme is also delivering with accelerated export orders to the US. Bringing restaurant quality fish into new categories, we closed the year as the clear number one brand in frozen seafood.”
Young’s announced it had clinched a contract to supply UK foodservice chain Pret a Manger with salmon in 2017.
The seafood business reported pre-tax profit of £19.8m, down from £21.2m, on turnover up 5.4% to £523.3m in the 12 months to 30 September. The company recorded a pre-tax operating loss of £38.6m, versus pre-tax operating profit of £1.4m during the previous year.